The Bank for International Settlements’ Quarterly Review for December 2021 focuses on the risks to the financial system arising out of the growth of non-bank financial intermediaries (NBFI). One such NBFI is decentralised finance (DeFi), which is touted as a novel form of financial intermediation.
Perhaps the best way to explain DeFi is that, as an article in the BIS Quarterly Review (‘DeFi risks and the decentralisation illusion’ by Sirio Aramonte, Wenqian Huang and Andreas Schrimpf) says, it ‘differs from...
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